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While cash fled equities in the wake of Standard & Poor’s revising its outlook on U.S. debt to negative from stable yesterday, the Treasury market rallied to near-one month highs. The benchmark 10-year yield declined four basis points to 3.37% while the 30-year yield fell two basis points to 4.35% and the FNCL 4.5 MBS coupon went out 9/32 higher in price at 102-05. Treasury yields drifted progressively higher in active overnight trading. The benchmark 10-year note is currently -4/32 at...

Broad losses in overseas markets have U.S. equity futures on edge this morning, while interest rates are slightly higher, the US dollar is moving up and commodity prices wane. After China posted a surprise trade deficit and Moody's dropped Spain's credit rating by one notch to Aa2, shares in Japan fell 1.46%, while those in Hong Kong and China fell 0.82% and 1.50%, respectively. In Europe, London's FTSE 100 is currently down 1.07%. In Germany the Dax is -0.75% and in Paris the CAC is trading 0.58...

Stocks and bonds continue to march to the beat of an oil drum. HA I crack myself up.....oil prices did dictate the directionality of stocks and bonds in overnight trading though. Oil prices ticked lower yesterday afternoon on rumors that Libyan leader Muammar Gaddafi was planning on stepping down. Those whispers were however squashed, leaving the door open for light crude to continue its climb higher, which it did promptly as London opened for trading. NYMEX Crude is currently off its overnight high...

The 10-year Treasury note traded in a yield range of 3.49% to 3.44% overnight, after giving up three basis points and closing at 3.49% yesterday. Rates are lower this morning as light crude oil prices have hit triple-digits for the first time since September 2008 in unison with riots in Libya which continue to spark sell-offs in global equity markets. “The flight-from-risk theme continues this AM as oil prices hit new highs,” said analysts at BMO Capital Markets, noting that while light...

The benchmark 10-Year Treasury weakened by seven basis points Thursday to close at 3.71%. Treasuries then strengthened overnight in light volume as Tokyo was out on holiday. Traders appeared to focus their efforts on continued unrest in Egypt and technical support at 3.70% in the 10 year note. Equities are starting the day in the red again ahead of the monthly trade balance and a mid-month look at consumer sentiment. Turmoil in the middle east seems to be the culprit, as Al Arabiya television reported...

The day ahead is devoid of new headline economic data but several officials from the Federal Reserve will offer their take on the economic recovery, Treasury will auction $32 billion 3-year notes, and Class A MBS Coupons will start the settlement process. Benchmark Treasuries fell to yesterday's price lows in the overnight hours after making a modest comeback in the afternoon hours of Monday's trading session. Those losses have once again been recouped as U.S. traders get plugged back in, but positive...

A slim gain pushed the benchmark S&P 500 to its highest level since August 2008 yesterday. On the final day of the week, equities are improved ever so slightly and interest rates are higher as investors await GDP data for the last three months of 2010, as well as consumer sentiment for January. The benchmark 10 year note is -10/32 at 93-11 yielding 3.431%. The FNCL 4.5 is -2/32 at 102-01. S&P 500 futures are up 0.75 at 1296.50 while Dow futures are 10 points higher at 11,954. Year-to-date...